What Has Been the Growth Trajectory for the Water Soluble NPK Fertilizers Market in Recent Years?
The water soluble npk fertilizers market has seen considerable growth due to a variety of factors.
• The market size of water soluble npk fertilizers has seen robust growth in the past few years. It is projected to expand from $13.6 billion in 2024 to $14.49 billion in 2025, achieving a compound annual growth rate (CAGR) of 6.5%. The surge in growth during the historical period is due to factors such as intensification of agriculture, increase in global population, shift towards more commercial farming methods, demand for crops with high commercial value, implementation of environmental regulations, rise in interest for horticulture and floriculture, accessibility of government subsidies and incentives, increased knowledge of crop nutrition, climate change influences, and the need for more resilient crops.
What Is The Expected Growth In The Water Soluble NPK Fertilizers Market By 2029?
The Water Soluble NPK Fertilizers market is expected to maintain its strong growth trajectory in upcoming years.
• Significant expansion is anticipated in the next few years in the water soluble npk fertilizers market, which is predicted to reach $18.75 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 6.7%.
Factors contributing to the growth in this market within the forecast period include the escalating global need for food, the adoption of climate-smart agricultural techniques, the growing trend towards soilless farming practices, the inclusion of biostimulants and micronutrients, economic advancement and modern farming practices, all aimed at targeted nutrient management for crops. Hydroponic and soilless agriculture, bespoke nutrient formulation, the incorporation of digital approaches in agricultural practices and farm management, integration of micronutrients, progress in fertilizer production technology, precision agrotechnology and focus on specialty crop farming are identified as major trends for the forecast period.
What Main Forces Are Fueling Expansion In The Water Soluble NPK Fertilizers Market?
The water-soluble NPK fertilizer market's growth is predicted to be fueled by an increasing demand for horticulture crops. Generally, horticulture crops refer to plantations of fruits, vegetables, and ornamental plants. As the cultivation of these crops rises, so will the consumption of water-soluble NPK fertilizers due to their ability to dissolve in water and provide essential nutrients, ensuring better plant development and yield. For example, in September 2024, the Department of Agriculture, a government agency based in Australia, anticipates that the gross value of horticulture production will climb to a record high of $17.8 billion in 2024-25. Contributing to this surge are higher yields in fruit and nut production, which are further expected to stimulate domestic production and increase export amounts. The global demand for these commodities is predicted to expand significantly, especially in high-value markets like China, Japan, and Kore. Hence, the growing demand for horticulture crops will likely propel the water-soluble NPK fertilizers market's expansion.
What Are The Primary Segments In The Global Water Soluble NPK Fertilizers Market?
The water soluble npk fertilizers market covered in this report is segmented –
1) By Crop Type: Field Crops, Horticultural Crops, Ornamentals, Other Crop Types
2) By Application: Foliar, Fertigation
Subsegments:
1) By Field Crops: Cereals, Pulses And Legumes, Oilseeds
2) By Horticultural Crops: Fruits, Vegetables, Greenhouse Crops
3) By Ornamentals: Flowering Plants, Foliage Plants, Landscape Plants
4) By Other Crop Types: Turf And Grass, Medicinal Plants, Specialty Crops
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Which Key Trends Are Driving Changes In The Water Soluble NPK Fertilizers Market?
Embracing sophisticated technology is a dominant pattern gaining traction in the water-soluble NPK fertilizers market. Crucial market players are focusing their energies on including ground-breaking technologies in their fertilizers to facilitate superior root development as well as disease resilience, maintaining their market presence. For example, in June 2023, ICL Growing Solutions, an organization based in Israel, introduced a new collection of advanced foliar and fertigation solutions in North America under the Nova label of water-soluble fertilizers. The star products are Nova FINISH, Nova PULSE, Nova ELEVATE, and Nova FLOW. These water-soluble NPK fertilizers aim to encourage plant growth, stimulate fruit quality, and enhance nutrient supply.
Who Are the Key Players In The Water Soluble NPK Fertilizers Market?
Major companies operating in the water soluble npk fertilizers market include:
• Haifa Chemicals Ltd.
• Yara International ASA
• Arab Potash Company
• OMEX Agricultural Holdings Limited
• Acron Group
• Coromandel International Limited
• EuroChem Group AG
• Hebei Monband Water Soluble Fertilizer Co. Ltd.
• Indian Farmers Fertiliser Cooperative Limited
• ICL Group Ltd.
• K+S Aktiengesellschaft AG
• PhosAgro PJSC
• Uralchem Integrated Chemicals Company
• Grupa Azoty S.A.
• Chambal Fertilisers and Chemicals Ltd.
• Deepak Fertilisers and Petrochemicals Corporation Limited
• Nutrien Ltd.
• Iowa Fertilizer Company
• Qatar Fertiliser Company
• Israel Chemical Limited
• Sociedad Quimica Y Minera SA
• BMS Micro-Nutrients NV
• Compo Expert
• The Mosaic Company
• Gujarat Aksha Fertilizer Company
• Tanvi Bio Chemical Pvt Ltd.
• Volkschem Crop Science Pvt Ltd.
• Antares Chem Private Limited
• Ram Shree Chemicals
What Is The Most Dominant Region In The Water Soluble NPK Fertilizers Market?
Europe was the largest region in the water soluble NPK fertilizers market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the water soluble NPK fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
